Thursday, 18 August, 2022
E-paper

NBR dreams to cross revenue Tk3.0 lakh crore in FY 22

The revenue collection of National Board of Revenue (NBR) has increased by 14 per cent to Tk 2.96 lakh crore in the fiscal year ending June 30, according to official data.

The earning is close to the NBR’s dream target of collecting Tk 3 lakh crore in a fiscal year.

The increase is attributed to growth in the volume of both export and import of the country.

 Though the revenue generation increased by 14 per cent in FY 22, NBR missed to reach the fiscal target of Tk3.30 lakh crore. But the NBR collected revenue of Tk 36,000 crore more than the previous FY 21.

In FY 21, the NBR collected revenue around Tk2.60 lakh crore from income tax, Value added Tax (VAT) and customs duty against the revised target of Tk 3.1 lakh crore.

The Customs House, Chattogram has collected Tk 59,256 crore, which is the highest while another large Customs House in Benapole collected Tk 4,599 crore in the just-gone fiscal year.

The highest VAT has been collected by the Large Taxpayer Unit (LTU). The LTU unit has collected Tk 50,000 crore and LTU (income tax) department collected around Tk 25,000 crore.

The NBR officials said, businesses will submit VAT returns by July 15 around Tk 20,00 crore to 2500 crore.   

Besides, the NBR hopes to realize VAT of several thousand crore which remains unrealized at some state-owned entities.

The revenue officials are expecting that the revenue collection will cross Tk 3.0 lakh crore in FY 22, if a portion of VAT is realized from the state-owned entities.